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The industrial electric boiler market from 50 – 100 MMBtu/hr capacity segment is anticipated to reach USD 230 million by 2030 owing to the increasing demand for food processing units.
SELBYVILLE, Del. , Aug. 10, 2022 /PRNewswire/ --The global industrial electric boiler market size is expected to record a valuation of USD 691 million by 2030, according to the latest research study by Global Market Insights Inc.
A positive outlook toward chemical & food processing industries will drive the industry trends. Increasing investments across the chemical sector, along with shifting consumer focus toward renewable heating sources, will increase the demand for industrial electric boilers. For instance, in April 2022 , the Energy Efficiency and Conservation Authority (EECA) invested around USD 5 million in a biomass boiler at a capsicum farm in north Auckland . EECA stated that this investment was a step towards saving 38,000 tons of greenhouse gas emissions each year.
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High product ownership costs may emerge as a major restraining factor, cites the report. On the other hand, the mounting uptake of greener products in developing nations may aid industry players in penetrating newer markets.
Based on voltage rating, the report segregates the industrial electric boiler market into low voltage and medium voltage. The medium voltage segment is estimated to attain a 14.9% CAGR through 2030 due to low noise emissions, zero exhaust gas, high reliability & durability, rapid startup, and other attributes of these boilers.
The 50 – 100 MMBtu/hr capacity segment is anticipated to surpass USD 230 million by 2030. This growth is attributed to rising demand for food processing units.
The industrial electric boiler market outlook from the refinery application segment will remain positive until 2030. Decreasing crude oil costs, as well as rising per capita incomes across developing countries, will impel the demand for refined petroleum products, thereby resulting in considerable refining capacity additions. For instance, in March 2022 , Norsk Hydro, a renewable energy company, announced that its Alunorte alumina refinery in Brazil began operation with its first electric boiler, which was intended to reduce carbon emissions of the plant by 100 thousand metric tons per annum.
Latin America industrial electric boiler market to reach around USD 35 million by 2030. Rapid industrialization across the continent may be a major factor pushing regional growth. In addition, increasing government emphasis on electrification of existing heating systems will propel the market growth in the region.
The continuing replacement of traditional heating systems in line with the introduction of regulations for emission reduction & energy conservation will favor the industry scenario in the MEA region. The competitive landscape of the industrial electric boiler market is inclusive of Vattenfall, The Fulton Companies, Cochrane Engineering, Värmebaronen, Precision Boilers, Thermona, Cerney, Thermon, Babcock Wanson , Thermodyne Boilers, Danstoker, Ecotherm Austria, PARAT Halvorsen, ACV, Acme Engineering Products, Slant/Fin Corporation, LACAZE ENERGIES, KOSPEL, Klöpper-Therm GmbH, Cleaver-Brooks, and FERROLI. These leaders engage mainly in product innovation and increasing product efficiency to maintain their market position.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Industrial Electric Boiler Market Insights
3.2.6 Thermona, spol. s.r.o.
3.4 COVID- 19 impact on the industry outlook
3.5.1.1 Growing measures toward the decarbonization of industrial sector
3.5.1.2 Positive outlook toward chemical & food processing industries
3.5.1.3 Rapid industrialization across developing economies
3.5.1.4 Upgrading & replacement of existing boilers
3.5.1.5 Growing demand for energy efficient boilers
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/industrial-electric-boiler-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware , U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Arun Hegde Corporate Sales, USA Global Market Insights Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: [email protected] Read More News @ https://ibmag.com/
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SOURCE Global Market Insights Inc.
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